1. Technical Field
This invention relates to processing systems for collecting, analyzing, and determining insurance parameters. In particular, this invention relates to data processing systems that obtain auction item price expectations, responsively determine auction insurance parameters, and offer an auction insurance policy.
2. Background Information
Rapid technology growth in recent years has brought widespread Internet access into the homes of millions of individuals. As a result, those individuals have access to convenient online auction services provided by such companies as eBay, uBid, and Yahoo. The immense popularity of online auction services is evident in the hundreds of thousands of auctions running simultaneously at any given time for everything from new flat panel monitors to upright arcade videogames from the early 80's.
Whether the auction is an online auction or a traditional auction, sellers are faced with the challenged of obtaining a satisfactory price for their auction item. In the past, sellers either accepted whatever final price was reached for the auction item, or set a reserve price or opening price to match at least the satisfactory price. Accepting the final price often resulted in an auction item selling for less than the satisfactory price, while setting a reserve or opening price sometimes failed to attract any buyers at all.
Accordingly, a need has long existed for methods and systems that may provide auction result insurance.